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home : most recent : property tax October 21, 2017


9/24/2017 12:49:00 PM
Closures manufacturer looking to expand to former Bloomington Otis Elevator site

Ernest Rollins, Herald-Times

The General Electric Appliances building along North Curry Pike is not the only former manufacturing plant that could soon have a new lease on life.

Phoenix Closures Inc. is looking to expand its operations in Monroe County by moving into a portion of the former Otis Elevator Co. property at 1425 S. Curry Pike. The Illinois-based company is a manufacturing firm specializing in injection-molded closures. Phoenix Closures has U.S. facilities in Greencastle, Indiana; Davenport, Iowa, and Newport, Tennessee.

The company is requesting a 10-year, traditional tax abatement on real and personal property. Proposed improvements to the property are estimated at just over $12 million, and projected equipment to be purchased is around $6.7 million. According to its statement of benefits, the company plans to create 73 jobs with a projected total annual salary amount of $2.9 million.

The Monroe County Council preliminarily approved the company’s abatement request at a September meeting and will conduct a public hearing for final approval, scheduled for Oct. 10.

Dana Palazzo, vice president of the Bloomington Economic Development Corp., said the company is in the process of closing on the 23-acre property currently owned by Saran Industries. In 2016, Saran purchased the larger of two parcels that once housed the Otis Elevator manufacturing line.

Related Links:
• Herald-Times full text

Related Stories:
• Monroe County OKs tax abatements for Cook Group, Phoenix Closures

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